Wall Street futures traded mixed in pre-bell action on Tuesday as investors processed mixed third-quarter earnings from major banks and weighed reports that China-based semiconductor maker CXMT plans to release new, competitive memory chips later this year. The S&P 500 futures slipped 0.1%, the Nasdaq fell 0.5%, and the Dow Jones Industrial Average rose 0.2%. West Texas Intermediate crude oil declined 2% to $91.87, while yields on 10-year US Treasuries eased slightly to 5.18% in morning trading.
The VanEck Semiconductor fund (SMH) dropped 1.6% pre-bell, extending a 2% decline from Monday. In the earnings reports, Wells Fargo (WFC) shares fell 0.4% after the bank posted third-quarter earnings above outlooks but missed on revenue, meeting its guidance expectations. JPMorgan Chase (JPM) traded down fractionally after reporting third-quarter earnings and revenue below expectations. Johnson & Johnson (JNJ) lost 3.3% after the healthcare company reported fiscal third-quarter earnings and revenue above expectations but issued earnings guidance below expectations.
Asian exchanges finished unevenly overnight, with South Korea's KOSPI index, home to chipmakers SK Hynix and Samsung Electronics, dropping 5.5%. European bourses moved moderately higher at midday on the continent. On the economic calendar, the NFIB Small Business Optimism Index fell to 97.9 in September from 98.7 in August. The existing home sales report for September is scheduled for release at 10 am ET.
Federal Reserve Governor Christopher Waller, Richmond Fed President Thomas Barkin, and Boston Fed President Susan Collins are slated to speak on Tuesday. In pre-market action, Bitcoin traded at $83,357, and spot gold was priced at $4,183 per ounce.